Page 45 - Banking Finance June 2023

ARTICLE

UPI AutoPay feature for Indian subscribers which was until
Year No. of Banks Transaction INR Value
now limited to credit and debit cards from Visa, Mastercard,
live on UPI Volume (in Mn) (in Cr.)
American Express, and Diners Club International. As per April
2022* 323 27,188.54 46,44,240.11
2021 RBI Monetary Policy Committee directive, after March
2021 282 38,744.55 71,59,285.80
31, 2022, all the know you customer (KYC) compliant digital
2020 207 18,880.89 33,87,744.72 wallets will become interoperable by using UPI system. In
2019 144 10,787.54 18,36,638.18 August 2021, Hotstar started supporting UPI AutoPay
feature. The Hindu, Times Prime, PayU, Financial Software
2018 129 3,746.32 5,85,710.45
and Systems, TestbookEdu Solutions, Open Financial
2017 67 418.8 57,020.87
Technologies, Angel Broking and 5Paisa Capital moved to UPI
2016 35 2.65 893.07
AutoPay in September 2021.
*Data upto May 2022, source - NPCI portal
Due to high usage, Samsung Electronics integrated UPI
~this data excludes the transactions having debit/credit to
barcode scanner directly into mobile camera application for
the same account for the month of August 2018 onwards
faster payment. On 3 January 2022, SonyLIV launched UPI
AutoPay for all its subscribers. NPCI with Jio introduced UPI
Acceptance Domestic India
AutoPay for prepaid and postpaid mobile subscribers from
There are talks happening to operate UPI in the United Arab
6 January 2022. Tata Mutual Fund with CAMSPay enabled
Emirates and Singapore which has sizeable Indian
UPI AutoPay feature for Systematic Investment Plan (SIP)
expatriates and for ease of payment for Indian tourists
from July 2022.
travelling abroad. Committee on digital payments led by
Nandan Nilekani had suggested that NPCI should
References
internationalize payment services like UPI, RuPay and
1. "UPI payments now available in UAE as NPCI's global arm
BHIM. NPCI is planning to link UPI with standalone mobile
partners Mashreq Bank". Mint. 20 August 2021.
wallets so that users can transfer money from one provider
Retrieved 20 August 2021.
to another one which until now is restricted due to use of
closed source technology. There is also provision for off-line 2. "Admin (15 December 2020). "What is UPI- Unified
UPI payment through the use of near field communication Payment Interface: Simplified - QuesAns". quesans.co.in.
Retrieved 19 December 2021.
(NFC).
3. "Varahasimhan, S. (4 July 2022). "UPI: the dawn of digital
On 20 April 2020, Google added support for UPI payment in fintech nirvana". The Hindu. ISSN 0971-751X. Retrieved
India to buy membership of YouTube Premium and YouTube 10 July 2022.
Music either directly through a website or on the mobile 4. ""UPI Product Statistics - NPCI". 15 December 2020.
application. Now Indian users can also buy or rent movies
5. "Nambisan, Byas (4 June 2021). "What Is UPI And How
from Google TV. UPI is also enabled for the YouTube Super
Does It Work?". Forbes Advisor INDIA. Retrieved 18 August
Chat feature.
2021.
6. ""UPI Records Txn Worth INR 8.31 Lakh Cr in January
From July 2021, AppleiPhone, iPad, and IPod Touch users in
2022; MoM Growth Declines To". Inc42 Media. 2
India can use UPI on App Store and iTunes Store.NPCI
February 2022. Retrieved 25 February 2022.
International Payments Limited (NIPL) is planning to extend
7. "Vinayak, A. J. (1 September 2020). "UPI completes 1,000
UPI to markets such as United States, West Asia and Europe.
cr transactions". Business Line. Retrieved 5 September
On 4 August 2021, ICICI Prudential Life Insurance started
2019.
supporting UPI AutoPay feature for insurance payment.
8. ""IIT Madras Working on Voice-based Contact-less
Payment Services Which Recognises Local Indian
In August 2021, Dish TV introduced UPI scan and pay
Languages". News18. 17 May 2021. Retrieved 17 May
feature for the first time in a nationwide rollout due to
2021.
COVID-19 restriction and heavy demand for no contact digital
payment solutions. From 31 August 2021, Netflix integrated 9. www.ekipedia journals
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